New Anti-Money Laundering Laws have come in, heres what you need to know

Australia is undertaking the most significant reform of its Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) regime since the legislation was introduced in 2006. These changes are designed to strengthen Australia’s financial integrity, align with international standards, and reduce the risk of criminal abuse of professional services.

As part of these reforms, professional service providers—including legal, conveyancing, accounting, and advisory firms—will be required to comply with expanded AML/CTF obligations from 1 July 2026. This means we must collect additional information from clients and apply verification processes before providing certain services.

This page outlines what these changes mean for you and how we will work with you to meet the new requirements.

Why the AML/CTF Reforms Are Changing

The Federal Government is implementing reforms to:

• Bring Australia in line with global Financial Action Task Force (FATF) standards
• Reduce the risk of money laundering through professional services
• Improve transparency around ownership and control of entities
• Strengthen national security and financial system integrity

What This Means for Our Clients

To comply with the new laws, we will be required to undertake client due diligence (CDD) before commencing certain services. This will include:

• Verifying your identity and the identity of beneficial owners for entity structures
• Understanding the nature and purpose of the services you are seeking
• Assessing the risk profile of the matter or transaction
• Requesting additional documents where higher‑risk factors are present

These requirements apply to both new and existing clients.

We understand this may feel like an extra step, but these processes are mandated by law and help protect both our clients and our firm from financial crime risks.

Information We May Need From You

Depending on the nature of the matter, we may request:

For individuals

• Government‑issued identification (e.g., passport, driver licence)
• Residential address verification
• Source of funds or source of wealth information (for higher‑risk matters)

For companies and trusts

• Trust deeds or partnership agreements
• Details of directors, shareholders, trustees, and beneficiaries
• Identification documents for beneficial owners
• Information about the purpose of the transaction or engagement

For complex structures

• Organisational charts
• Ultimate beneficial ownership (UBO) declarations
• Additional documentation to clarify control and ownership

We will only request what is necessary to meet our legal obligations.

How We Will Work With You

We aim to make the process as smooth as possible. Our approach includes:

• Clear communication about what information is required
• Secure digital platforms for document uploading and verification
• Minimising duplication for returning clients
• Applying enhanced due diligence only where legally required

Your information will be handled confidentially and in accordance with our privacy obligations.

How You Can Help us

To avoid delays in future engagements, we recommend:

• Responding to requests for information promptly
• Ensuring your identification documents are current
• Keeping corporate records up to date with ASIC
• You have a good understanding of your ownership structure and information for any entities involved
• Notifying us early if your structure includes overseas entities or complex arrangements

Our Commitment to You

We remain committed to delivering high‑quality, efficient services. While the AML/CTF reforms introduce new compliance steps, our goal is to integrate these requirements with minimal disruption to your experience.

If you have any questions about how the AML/CTF reforms may affect your matter, please contact our team or view our guide on what you need to know here.

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